Archive - Apr 17, 2009
The Visible Hand
Submitted by Tyler Durden on 04/17/2009 20:39 -0500Perspectives from Eric Sprott as a result of heightened reader inquiry.
Guest Post: The Real Implications Of China's Currency Policy
Submitted by Tyler Durden on 04/17/2009 20:27 -0500Submitted by Ranjan Roy of Shadow Bankers
Daily Credit Market Summary: April 17 - Diverging Drama
Submitted by Tyler Durden on 04/17/2009 19:51 -0500Spreads were mixed in the US today with IG worse, HVOL improving, ExHVOL weaker (thanks to high beta short-squeeze), XO stronger, and HY selling off. Indices typically underperformed single-names (for the fifth day in a row) with skews mostly narrower as IG underperformed but narrowed the skew (to its tightest of 2009), HVOL outperformed but widened the skew, ExHVOL intrinsics beat and narrowed the skew (to almost zero), XO underperformed but compressed the skew, and HY's skew widened as it underperformed.
Goldman Sachs Principal Transactions Update: 850 Million Shares
Submitted by Tyler Durden on 04/17/2009 18:48 -0500"For every seller there is a buyer."
Goldman Sachs continues its to trounce everyone in principal program purchases, its 850 million principal shares representing 81% of all its traded shares, more than half of all NYSE reporting firms principal trades.
Maybe Goldman can focus on servicing its "clients" instead of "itself" for once.
Suiciding The Market
Submitted by Tyler Durden on 04/17/2009 17:31 -0500Zero Hedge presented some perspectives on how broken the market is yesterday. The trend continues as today's quant deleveraging trade already finished (market neutral quants down 17% in March, April likely much worse).
Suiciding The Market
Submitted by Tyler Durden on 04/17/2009 17:31 -0500Zero Hedge presented some perspectives on how broken the market is yesterday. The trend continues as today's quant deleveraging trade already finished (market neutral quants down 17% in March, April likely much worse).
More Technical Perspectives
Submitted by Tyler Durden on 04/17/2009 16:04 -0500California unemployment hits record 11.2%, market spikes on the news. Market next stop 1,200.
compliments of http://www.creditresearch.com/
More Technical Perspectives
Submitted by Tyler Durden on 04/17/2009 16:04 -0500California unemployment hits record 11.2%, market spikes on the news. Market next stop 1,200.
compliments of http://www.creditresearch.com/
Weekly Observations
Submitted by Tyler Durden on 04/17/2009 15:34 -0500
The S&P 500 can still rally another 15% from here without violating any long-term trendline that has defined the bear market. So, who is to say that this upturn does not have more legs? But we are still convinced that the down profit cycle has more to run.
Weekly Observations
Submitted by Tyler Durden on 04/17/2009 15:34 -0500
The S&P 500 can still rally another 15% from here without violating any long-term trendline that has defined the bear market. So, who is to say that this upturn does not have more legs? But we are still convinced that the down profit cycle has more to run.
BlackRock Hires Vice Chairman Of U.S. Treasury Borrowing Advisory Committee
Submitted by Tyler Durden on 04/17/2009 14:30 -0500Bloomberg reports that Larry Fink's BlackRock has taken over R3 Capital Management, a $1.5 billion credit hedge fund started by ex-Lehman corporate bond trading desk head Rick Rieder.
Open Letter To Quant Funds
Submitted by Tyler Durden on 04/17/2009 12:42 -0500In his April 14th report Matt Rothman wrote about a dramatic, parabolic outperformance trend for names with high short interest, low prices and fundamentally weak names. He opined that all conditions for this trend to end are in place. Contrary to his very valid arguments, the trend accelerated yesterday.
Stocks with poor fundamentals, market share losses and poor earning prospects that quantitative managers tend to short, gained more than higher quality long positions.
Open Letter To Quant Funds
Submitted by Tyler Durden on 04/17/2009 12:42 -0500In his April 14th report Matt Rothman wrote about a dramatic, parabolic outperformance trend for names with high short interest, low prices and fundamentally weak names. He opined that all conditions for this trend to end are in place. Contrary to his very valid arguments, the trend accelerated yesterday.
Stocks with poor fundamentals, market share losses and poor earning prospects that quantitative managers tend to short, gained more than higher quality long positions.
The General Growth Emperor's New Clothes
Submitted by Tyler Durden on 04/17/2009 12:32 -0500Zero Hedge discloses all the deals and loans which will inevitably suffer as a result of GGP's bankruptcy, in order to allow readers to make their own conclusions whether or not Bill Ackman's thesis is correct.
IMF's World Economic Outlook: Not Good
Submitted by Tyler Durden on 04/17/2009 11:00 -0500
Excerpts from the IMF's World Economic Outlook (chapter 3 and 4).
Amazing comparisons with the Great Depression. The main difference:




